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Gulf oil exporters should cut spending, diversify: IMF

Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower oil revenues, the IMF saysGulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices, the International Monetary Fund said. The wealthy monarchies, however, should “not react in a knee-jerk way to lower oil prices”, the IMF Middle East and Central Asia chief Masood Ahmed told AFP in an interview Monday. Oil prices have shed half of their value since June 2014, and are expected to be lower than the breakeven point for Gulf countries in the next three to four years. The Gulf Cooperation Council includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — economies all heavily dependent on energy revenues.

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